Fitch rates Adarsh Developers loans BB-(ind)

Fitch Ratings said it assigned Adarsh Developers a national long-term rating of BB-(ind), along with a BB-(ind) rating to its outstanding Rs. 1.74 million long-term bank loans and Rs. 1 billion overdraft limit.

The outlook is stable.

The ratings reflect its relatively strong performance during the severe economic downturn in the domestic real estate market from 2009 through 2010, its leading position as a seller of high-end villas in Bangalore and the improving real estate market in the city, Fitch said.

The company is a medium-sized residential real estate developer, with an operational track record of 15 years in the Bangalore market, the agency said.

The ratings are constrained by Adarsh's relatively stretched financial performance in 2010, Fitch added.

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